Hottest New 2022 Trends Driving People to the Atlanta Market
While mortgage rates may be on the move, so are new home buyers. Recent data shows that buyers are flocking to growing metro areas and nobody does southern hospitality better than the city of Atlanta, GA.
The Atlanta real estate market has been doing well over the last few years, quickly becoming one of the hottest epicenters in the southeastern United States. While it may be best known for sweet tea, peach cobbler, or even the Southern Appalachians, it's also one of the hottest new areas to buy a new home.
There are many reasons why newcomers are attracted to this city among the hills, as it offers a growing population, robust economy, and an affordable spectrum of housing options. Here are just a few of the key features fueling this hot Atlanta real estate market.
Blending Diversity in Both Lifestyle and Housing
One of the biggest draws of living in Atlanta is that you can be whoever you want to be. No matter what your background or lifestyle, Atlanta has something for everyone.
The blend of culture and activities is unimaginable to the point where you can choose between a weekend professional football game at Mercedes-Benz Stadium or a late-night evening getting drinks at the infamous Clermont Lounge.
But the sheer multitude of activities spans far beyond a simple night on the town. The diversity of eateries, bars, and clubs is ever-changing, and the number of festivals or events is only eclipsed by the eloquently lit views of downtown at night.
But Atlanta’s true diversity is embedded within its real estate market as it offers a variety of different housing options for those looking to purchase a new home.
From single-family homes in suburbs like Smyrna, Doraville, and Forest Park to luxury condominiums downtown, there are endless opportunities for buyers.
In fact, Atlanta’s housing market is poised for growth, with affordability currently at a mid-range which is attractive considering higher cost and interest rate trends nationally (Atlanta Realtors).
Support for Current and Future Growth
Atlanta has quickly grown to be a popular destination for young professionals and growing families. Part of this is its lower cost of living compared to other major metropolitan areas. However, one of the subtle factors making Atlanta shine is the rallied support for the quality of life of its residents.
One example is both business and educational opportunities. Atlanta is home to multiple fortune 500 companies including Coca-Cola, Delta Air Lines, Home Depot, and United Parcel Services (UPS) to name a few (AJC). It also hosts top-tier colleges including Georgia State and Keith University.
Additionally, the city recently announced a newly ratified infrastructure package that will continue to help support features and economic opportunities around the city for years to come.
The budget allocates $460 million to investments in transportation and infrastructure, $161.4 million to parks and recreation, $92.4 million to public safety facilities, and $36 million to local districts for neighborhood projects not already covered by the city budget (City of Atlanta).
Expanding Tech and Biosciences Sectors
While many metro areas are still struggling from the aftermath of COVID-19, Atlanta is burgeoning with opportunities. In fact, Google’s new $530 million dollar tri-town can now be seen lighting up Midtown, a testament to Atlanta’s ever-expanding tech scene (Urbanize Atlanta).
Other tech companies have taken a cue from Google, making new developments in Atlanta including Microsoft and Kabbage, American Express's newest acquisition which focuses on commercial cash flow management tools (Black Enterprise).
Georgia Tech is also finally beginning construction on its highly anticipated biosciences and health innovation district which should help draw in new biotech companies to the area who are looking to recruit new talent.
The entire project represents an investment of roughly $277 million dollars and is expected to create roughly 3,000 new jobs, with an estimated completion date of sometime in 2023 (Business Journal).
Conclusion
Atlanta’s real estate market has been on fire for the last couple of years and continues to be a top-tier metro destination for new home buyers. The diversity in housing alone is enough to attract many buyers including investors.
But there are several other trends also driving new denizens to this burgeoning area. For starters, the city offers flavorful diversity in all facets of living. From the nightlife to economic opportunities, buyers have a lot of choices about how and where they plant their roots.
The government and commercial activity also both seem to indicate that investment is key to supporting the city, as it's quickly becoming a major epicenter for both tech and bioscience. Now is the perfect time to invest in this sweet and sassy southern town as it continues its rapid expansion!
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